Ah, the sweet scent of progress wafts through the air as Mintoak, a PayPal and HDFC Bank-backed ecommerce startup, acquires Digiledge in a $3.5 million deal. This marks the first acquisition in India’s central bank digital currency (CBDC) space, as reported by Reuters, citing sources close to the matter.
Mintoak, an Indian ecommerce startup that facilitates merchant payments, has acquired Digiledge in a deal worth around $3.5 million, marking the first acquisition in India’s CBDC area. With Digiledge, which specializes in CBDC and bill payments, Mintoak’s partner banks — HDFC Bank, Axis Bank, and SBI — could offer payment solutions in e-rupee, India’s form of CBDC.
Mintoak CEO Raman Khanduja says the firm wants to make it “easier for merchant acquirers to grow and help more small and medium enterprises access digital tools and financial services.”
India’s central bank, the Reserve Bank of India, launched its e-rupee pilot in December 2022. Initially, only banks could use it, but the scope expanded to payment firms in April 2023.
The e-rupee adoption has been sluggish, with the RBI reporting 1 million retail transactions by late June 2024, a milestone reached only after local banks introduced incentives and partially paid employee salaries using the state-issued digital currency.
The RBI had previously urged banks to increase transactions to at least 1 million per day by late 2023 to test the system’s scalability. However, this push has since ceased, casting doubt on the future of the digital currency initiative due to the gap between incentivized metrics and actual user adoption.
Read More
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Rick Owens Gives RIMOWA’s Cabin Roller a Bronze Patina
- “Tornado Cash’s TORN Token: Riding the Rollercoaster of Sanction Roulette!”
- EXCLUSIVE: Mrs star Sanya Malhotra recalls seeing Shah Rukh Khan for 1st time and it’s not on Jawan sets; ‘Mujhey ek mahina…’
- Roseanne Barr Has A Wild New TV Show About A Farmer Who’s ‘Saving’ America, And She’s Comparing It To The Sopranos
- The Weeknd’s ‘Hurry Up Tomorrow’ Billboard 200 Projections
- David Taylor Takes You on a Tour of His Aluminum Explorations
- Pop-Tarts and Krispy Kreme Kick Off 2025 With Collaborative Menu
- Australia implements sweeping ban on credit and crypto for online betting
- How To Wash Your Horse In Kingdom Come: Deliverance 2
2025-03-04 10:44